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European markets were looking to finish the week strong today as most of the major indices were trading over 1%. In Asia, the Nikkei closed up 0.92% while the Hang Seng added 0.78%.

Heads up:

With the economic data done for the week, lookout next week with a full week for a full week of data. Monday will have the Consumer Credit for April. Earnings reports will remain light through next week as the major earnings announcement will come from National Semi(NSM:NYSE) near the end of the week.

Brokerage Chatter:

Banc of America removed Comcast(CMCSA:NASD) from its Fresh Money Focus List and added Kohl's(KSS:NYSE) in its place. Jefferies downgraded Bed Bath and Beyond(BBBY:NASD) to hold from buy. Moody's raised Tyco(TYC:NYSE) debt to investment-grade rating. WR Hambrecht initiated coverage of Novell(NOVL:NASD) with a buy rating and a $11.50 price target. Schlumberger(SLB:NYSE) was upped to outperform from in-line at Goldman Sachs. Federated(FD:NYSE) was upped to outperform from neutral at CSFB. Banc of America upgraded Albertson's(ABS:NYSE) to neutral from sell and raised its target to $23 from $19. UBS raised its target on Kmart(KMRT:NASD) to $70 from $54.

Financial Headlines:Stories :

Bloomberg newswires reported that Computer Associate's(CA:NYSE) former Chief Executive Sanjay Kumar will cease all involvement in company's business effective immediately because according to management, his involvement is not helping its efforts in the current SEC and U.S. Attorney investigation.

Earnings:

Intel (INTC:NASD) said in its mid quarter report that it has narrowed its revenue range toward the upper end of guidance. Intel now sees $8-8.2 billion versus the prior range of $7.6-8.2 billion. Circuit City(CC:NYSE) reported that its 1st quarter sales are above consensus estimates. PMC-Sierra(PMCS:NASD) guided its 2nd quarter revenues above consensus.

Around the world in 80 ticks:

USA Today reported yesterday that CIA Director George Tenet has announced his resignation due what he and the President referred to as personal reasons. One person familiar with the situation said Tenet's personal reasons might have more resemblance to personal responsibility over the lack of intelligence during his tenure as top spook rather than anything else. British Prime Minister Tony Blair refuted those remarks and commented that his resignation had nothing to do with intelligence failures. In related news, Ames Pavitt, the head of CIA covert operations is expected to announce his departure as well.

AP news reports that New York's strip clubs are proving to be a costlier night out than most intoxicated horny married men once envisioned. After a chief financial officer at Swiss Re filed a lawsuit last month that he was wrongly charged $28,000 from Scores topless club, the Associated Press has reported today that another suit has emerged at the same establishment. A diplomat's husband is now suing the club for hitting him up for nearly $130,000 in assorted charges. The gentleman is arguing that with a hefty sum such as that, he would have had to withstood approximately 6,500 five minute lap dances.

From strippers to spellers, yesterday the Scripps National Spelling Bee awarded its top speller trophy to 13-year old David Scott Tidmarsh from South Bend, Indiana. Tidmarsh correctly spelled "autochthonous" to beat out spelling champ-legacy Akshay Buddiga whose brother had won just two years prior. Tidmarsh admitted to having studied the entire dictionary in preparation for the contest and his winning word was a name on his list of about 10,000.

Lookout for the Belmont Stakes this Saturday as Smarty Jones attempts to go for the Triple Crown and a $1 million purse. The horses will post at 5:30pmEDT as the favorite Smarty Jones will attempt to be just the 12th ever to win the Triple Crown and join the likes of Secretariat and Seattle Slew. The last Triple Crown winner, which is the horse that has won the Kentucky Derby, Preakness Stakes and Belmont Stakes was Affirmed back in 1978. Smarty Jones will be stabled in the same barn as the '73 Triple Crown winner Secretariat.

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